Below is a brief excerpt transcribed from Thursday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.

McCullough: These Are Bear Market Crashes - 5 14 2020 2 18 30 PM

When I got up this morning and saw Europe I was like “Oh man, this is bad. This is really really bad.”

Take a look at the chart of France below. It’s a big place in Europe and a big part of GDP, but it’s down over 30%.

36.5 million jobs lost in the U.S.currently. Oh, and the Russell is down over 29.5% again.

These are the days of our lives. We’ve talked about this. This isn’t fiction. This is fact. These are what these markets are doing. Germany is down -25% now!

These are bear markets that are crashing. Now some people get real sensitive about a lot of different things, and one of those things is when I start to call something a bear market. They love the beloved bull.

This is very similar to March through May in the year 2000 when the NASDAQ rallied 35%. A lot of people lost their job after buying the 35% rally. That was an epic bear market rally. We just had one here too, keep that in mind.

We didn’t have those kind of rallies across other markets in particular Asia, EM, and Europe.

These are the rest of the worlds markets which did not agree with where the S&P 500 or the NASDAQ was trading a couple days ago.

McCullough: These Are Bear Market Crashes - 5 14 2020 1 44 16 PM